1 Dec 2008

Austral Pacific agrees loan repayment delay

1:29 pm on 1 December 2008

Oil explorer Austral Pacific and its bank have agreed to push back the date it was due to repay a loan.

The company was due to repay an undisclosed amount to Investec Bank later this month, but was unlikely to be able to do so.

Following an agreement with Investec it will instead repay part of the loan, and the maturity date will be pushed back until the end of January.

Earlier this year Austral Pacific revealed its future was under review, and it would be considering a range of options including asset sales, merger proposal and capital injections.